STOCKHOLDERS' EQUITY

3 Months Ended

Sep. 30, 2011

Stockholders' equity:

STOCKHOLDERS' EQUITY

(6)      STOCKHOLDERS’ EQUITY:

 Restricted Stock Units – In June 2011, the Company granted 500,000 restricted stock units to its executive management under the Company’s 2011 Stock Incentive Plan. Half of these restricted stock units vest 12 months from the date of grant and the remainder 24 months from the date of grant. The grant date fair value of these restricted stock units of $430,000 is being amortized over the 24 month vesting period of the award. The Company recognized $80,625 of stock-based compensation expense related to these restricted stock units during the three months ended September 30, 2011.

 In July 2010, the Company granted 205,000 restricted stock units to its employees under the Company’s 2005 Stock Plan. On September 15, 2010, 99,500 shares of common stock vested. The Company recognized $209,525 of stock-based compensation expense related to these restricted stock units during the three months ended September 30, 2010.

 Stock-based compensation costs for the three ended September 30, 2011 and 2010 for stock options and equity-based instruments issued other than the restricted stock units described above was $129,648  and $100,918, respectively.